3 in 4 Canadians say they are paying more for home, car insurance: survey
Global News
A look at local data reveals that car insurance premiums have been rising rapidly, accounting for most household expenditure on insurance.
Most Canadians are paying higher insurance premiums overall for their home and car, a new report by Rates.ca shows.
Three in four Canadians (75 per cent) say their insurance premiums, for all types of insurance, have gone up in the last two years, the Leger survey conducted for Rates.ca has found.
This figure refers to Canadians who have at least one insurance policy on a home, apartment, condo and/or vehicle.
Canadians over 35 — who are more likely to own a car and home —experienced a higher rate (78 per cent) compared to Canadians aged 18-34 (64 per cent).
Six out of 10 (63 per cent) insured Canadians said they took steps to lower insurance costs, including shopping around (40 per cent), asking for discounts (30 per cent), changing or removing parts of coverage (21 per cent), the report said.
Home insurance costs rose steadily from 2022 to 2025 across six Ontario cities —Toronto, Hamilton, Oshawa, Windsor, London and Ottawa — with the sharpest increases in 2024 before easing off in 2025, it added.
Aside from severe weather events, from fires to floods, home insurance costs were also impacted by construction costs going up because of U.S. President Donald Trump’s tariffs on Canada.
A look at local data reveals that car insurance premiums have been rising rapidly, accounting for most household expenditure on insurance.
